Private equity and venture capital investor EQT Group announced an agreement by EQT Infrastructure to acquire UK-based battery storage and flexible generation infrastructure developer and operator Statera Energy from InfraRed Capital Partners.

Founded in 2015, London-based Statera develops, owns, and operates large scale energy storage and flexible generation, assets, as well as pumped hydro and green hydrogen projects. It has about 1GW of assets in operation or under construction, which is enough to power around 750,000 homes. It plans to deliver 7.5GW of flexibility assets by 2030 and has a total pipeline of over 16GW.

Energy storage and flexible generation solutions are emerging as key energy transition investment areas, and form part of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted. Statera’s assets provide grid balancing support in the UK, enabling the transition to a renewables-led power system and supporting the system’s decarbonization.

Tom Vernon, Founder and CEO of Statera, said:

“It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid.”

EQT said that its infrastructure platform has committed to further invest in Statera’s ongoing development of battery storage and other flexible energy projects, and will provide access to growth capital to accelerate the deployment of flexible generation across the UK.

EQT Group Partner Francesco Starace said:

 “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”